BB fixes passport endorsement fee at Tk300 for money changers
To ensure transparency and prevent overcharging, the central bank has outlined several mandatory requirements for money changers
In a move to regulate service charges for travellers, Bangladesh Bank (BB) has fixed the maximum fee for passport endorsement by money changers at Tk300.
To this end, the central bank today (7 January) issued a circular.
Under the existing guidelines for Foreign Exchange Transactions (GFET)-2018, licensed money changers are permitted to sell foreign currency notes, coins, and traveller's checks (TCs) to outgoing Bangladeshi residents against their annual private travel entitlement.
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Each sale must be meticulously recorded in the traveller's passport and air ticket, verified with the seal and signature of the money changer's authorised personnel.
To ensure transparency and prevent overcharging, the central bank has outlined several mandatory requirements for money changers.
The fee is set at a maximum of Tk300, which applies irrespective of the amount of foreign currency being purchased.
Money changers are now required to clearly display the endorsement fee in a prominent location within their business premises.
For every fee collected, the money changer must provide a written receipt to the customer.
Establishments are required to maintain a proper record of all fees collected from customers for auditing and regulatory purposes.
The circular, signed by Monoar Uddin Ahmed, Director of FEPD-2, clarified that all other relevant instructions regarding foreign exchange transactions remain unchanged.
This new regulation aims to streamline the endorsement process for outgoing passengers while ensuring they are not subjected to arbitrary service charges during currency exchange.
